HARTFORD, Conn. — Connecticut’s Department of Insurance is playing a major role in a deal that could create the nation’s largest health insurer, leading a 26-state review of Anthem Inc.’s proposed merger with Bloomfield-based Cigna.
Since Cigna is based in Connecticut, state insurance regulators are tasked with coordinating the review by other states with legal Cigna entities within their borders, informing them about Connecticut’s evaluation of the massive merger, and hosting conference calls between the various state regulators.
“This transaction has a large number of states,” said Connecticut Insurance Commissioner Katharine Wade. “Having 26 states involved, coordinating among regulators, is significant.”
The application process for the proposed merger includes multiple steps, including approvals from shareholders. The U.S. Justice Department is currently reviewing Anthem’s planned $54.2 billion acquisition of Cigna to determine whether the merger will hurt competition and consumers. About 53 million customers could be affected.